This paper explores the introduction of collective risk-reallocation elements in defined contribution pension contracts …. We consider status-contingent, age-contingent and asset-contingent arrangements to reallocate risk among participants …. Eliminating asset market risk for the retired raises their welfare, while it lowers welfare of the workers, despite the fact that …

’s risk tolerance, the apparently accepted variance of the observed program’s total gross margin is used as an upper bound in …

Pension accruals are linked to several risks for companies. In this paper we discuss two risk factors, taking pension …

decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts … when guarantees are not binding, we study how binding guarantees distort inter-cohort risk sharing. Using regulatory data …

decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts … when guarantees are not binding, we study how binding guarantees distort inter-cohort risk sharing. Using regulatory data …

In a two-stage model insurance companies first decide upon risk classification and then compete in prices. I show that …